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FC1: Scarcity, needs/wants, TINSTAAFL, 3 basic questions

Last updated about 6 years ago

5 questions

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Question 1

1.

The economic term "scarcity" relates MOST directly to a situation in which

individuals lack money needed to purchase goods

employees lack experience needed to earn a promotion

businesses lack customers needed to make a profit

producers lack the raw materials needed to satisfy people's wants

Question 2

2.

What is the difference between needs and wants?

needs and wants are not important in economics

needs are things necessary for survival while wants are things you would like to have

needs and wants are both necessary for survival

needs are things you would like to have while wants are necessary for survival

Question 3

3.

Which of the following acronyms represents the idea that nothing is really free?

AARPCIA

TGIFTW

TINSTAAFL

POTUSIH

Question 4

4.

What are the 3 questions every society must answer?

what, why, and how

for whom, why, and where

what, how, and why

what, how, and for whom

Question 5

5.

The statement,"businesses will produce using the best machinery and technology" addresses which of the 3 basic questions?

why is it being produced

what are we going to produce

how are we going to produce it

for whom is it being produced